Reliance Industries declined 0.57% to Rs 2,747 at 10:05 IST despite reports of the company bagging two oil blocks in Iraq’s Kurdish region.

Meanwhile, the BSE Sensex was down 162.34 points, or 0.84%, to 19,122.08, tracking weak global equities. Asian markets fell as investors sold financial shares on credit worries caused by the US subprime crisis.

On BSE, 87,880 shares changed hands in the counter. The stock had an average daily volume of 11.54 lakh shares on BSE in past one quarter.

The stock hit a high of Rs 2760 and a low of 2,700 so far during the day. The stock hit 52 week high of Rs 2850 on 30 October 2007. The stock hit a 52-week low of Rs 1,181 on 12 December 2006.

The India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) outperformed the market over the past one month till 7 November 2007, gaining 11.22% compared to the Sensex’s return of 8.53%. It outperformed the market in the past one quarter as well, rising 52.98% compared to Sensex’s rise of 29.18%.

The current price of Rs 2,747 discounts its Q2 September 2007 annualized EPS of Rs 110.10 by a PE multiple of 24.95.

Reportedly, late on Tuesday, 6 November 20 the Kurdish Regional Government (KRG) announced seven new production-sharing contracts (PSCs), of which RIL got Rovi and Sarta in northern Iraq. The blocks measuring 450-500 square kilometer have an oil-bearing structure of almost 80%, and Reliance is confident of making a discovery soon. RIL paid a signing amount of $15.5-17.5 million for the two blocks.

The company announced on Wednesday,7 November 2007 that it made new gas discovery in a block in the Krishna Godavari offhsore basin. The company is still evaluating the commerciality of the discovery. A shallow water block, with an area of 1,100 square kilometer, wherein RIL has struck gas, was awarded to RIL under the third round of new exploration licensing policy (NELP) biding. RIL holds 100% participating interest in this block.

Reliance Industries is engaged in oil refining, producing and distributing plastic and intermediates, polyester filament yarn, fibre intermediates, polymer intermediates, crackers, chemicals, textiles. It is also into exploration and production of oil and natural gas.

RIL's net profit rose 27.9% to Rs 3,837 crore on 6.6% rise in sales to Rs 32,043 crore in Q2 September 2007 over Q2 September 2006.